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G.S.PANNU, M.A.BAKSHI
Sat Pal Sachdeva – Appellant
Versus
Assistant Commissioner of Income-tax – Respondent
M.A. Bakshi, Vice President. - The appeal of the assessee for assessment year 2004-05 is directed against the order dated 20-9-2007 of Commissioner of Income-tax (A)-I. Ludhiana. We have heard the parties and perused the record.
2. The only issue involved in this case is relating to the carry forward of capital loss. In this case, the return of income for assessment year 2004-05 was due by 31-10-2004. Since 31-10-20004 happened to be a Sunday, the due date for filing the return was upto 1-11-2004 by virtue of section 10 of the General Clauses Act. The assessee filed the return on 1-11-2004 declaring income Rs. 10,25,480. The return was processed under section 143(1). In the original return of income, the assessee had disclosed loss on sale of property of Rs. 7,21,840 which was set off against the other income. Realizing the mistake in the original return of setting oft long term capital loss against the other income the assessee filed a revised return on 23-12-2004 declaring income of Rs. 1 7,47,320. The long term capital loss was declared which was to be carried forward to the subsequent assessment year. Since the assessee’s case had been selected for scrutiny, a notice under
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